TITLE

Section 6700 Penalties for Participants Detailed

AUTHOR(S)
McConnell, Alison L.
PUB. DATE
March 2006
SOURCE
Bond Buyer;3/29/2006, Vol. 355 Issue 32349, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the conditions under the Section 6700 penalties for tax-exempt bond deal participants. The International Revenue Service can impose this penalty to those bond deal participants who made a false statement regarding the tax benefit of the deal. Three factors have often looked by the court to know if the person had the requisite knowledge to violate the Section 6700. These include reliance on knowledgeable professionals, level of education and familiarity with tax matters.
ACCESSION #
20397077

 

Related Articles

  • Political Interventions. Lewis, Judy D.; Lynn, Quepha // CPA Journal;Jun2008, Vol. 78 Issue 6, p14 

    No abstract available.

  • IRS rules down-payment assistance providers not tax-exempt.  // Mortgage Banking;Jul2006, Vol. 66 Issue 10, p11 

    The article highlights the Revenue Ruling 2006-27 of the U.S. Internal Revenue Service (IRS). According to the IRS, companies that provide seller-funded down-payment assistance to homebuyers do not qualify as tax-exempt charities. Seller-funded programs are not charities because they do not meet...

  • New Guides for Charities.  // CPA Wealth Provider;Jan2004, p13 

    Reports that the U.S. Internal Revenue Service has published two brochures to aid charities understand the tax laws conferring tax-exempt status. "Applying for 501(c)(3) Tax-Exempt Status"; "Compliance Guide for 501(c)(3) Tax-Exempt Organizations".

  • Excluded 501 (c)(3) Employees in 401(k) Testing.  // Practical Accountant;Sep2006, Vol. 39 Issue 9, p10 

    The article reports that the final regulations issued by the U.S. Internal Revenue Service (IRS) permit employees of a Section 501 (c) (3) tax exempt to be excluded for testing whether a 401 (k) plan meets the requirements for the minimum coverage for the Section 410 (b). The regulations by the...

  • Renewal of Tax Exempt Bond Mediation Program.  // Practical Accountant;Sep2006, Vol. 39 Issue 9, p12 

    The article reports that the Internal Revenue Service (IRS) of the U.S. has renewed its Tax Exempt Bond Mediation Pilot Program for an additional one-year period. The renewal allows the issuers of tax-exempt debt with cases under examination by the organization of Tax Exempt Bond to request...

  • After years of tweaking, Form 990 revisions are here. Russell, Roger // Accounting Today;7/23/2007, Vol. 21 Issue 13, p3 

    The article focuses on the Form 990 of the U.S. Internal Revenue Service (IRS). According to acting IRS Commissioner Kevin Brown, the U.S. needs a Form 990 that aims to give both the IRS and the public an improved window into the way tax-exempt organizations go about their vital missions. The...

  • Controversial Paragraphs Removed From IRS Advisory Memo on Tribal Bonds. McConnell, Alison L. // Bond Buyer;11/30/2005, Vol. 354 Issue 32268, p64 

    The article reports on the controversial field service memo that advised tax-exempt bond enforcement officials not to litigate a particular Indian tribal finance case. The memo was secretly posted on the U.S. Internal Revenue Service's (IRS) Web site. The newly edited copy of the memo, which...

  • Getting (and Keeping) Important Records in Order. Pedersen, Barbara Lynn // Back Stage;2/20/2004, Vol. 45 Issue 8, p47 

    The Internal Revenue Service's goal for 2004 is to monitor more closely the activities of the many thousands of tax-exempt, not-for-profit organizations under its watch. A tax-exempt, not-for-profit organization is a charitable entity (typically a corporation or trust) established for...

  • IRS: Exempt Debt Cannot Refund Obligations to Pension Systems. Kinnander, Ola // Bond Buyer;09/20/2000, Vol. 333 Issue 30979, p36 

    Reports that the United States Internal Revenue Service has determined in a private letter ruling that the Racine, Wisconsin, Unified School District cannot use tax-exempt debt to refund its obligations to the state's pension system. Tough stance by the IRS against local governments using...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics